Chairman of the Hanoi People’s Committee Nguyen Duc Chung had a working session on December 3 with the Republic of Korea’s Lotte Chairman Shin Dong-bin on the group’s business results in 2018 and its plan to expand investment in the capital city in the time to come.

Domestic retailers must work to outline rational business strategies to gain a competitive edge over their foreign rivals, especially as the local retail market has become more attractive than ever to foreign investors.

The Ministry of Industry and Trade has built a project promoting the engagement of Vietnamese enterprises in foreign distribution systems through 2020 given the modest proportion of the country’s direct exports to overseas markets.

Along with ensuring quality and safety, Vietnamese firms should make their products’ price suitable and meet customers’ demands to sell in foreign distribution channels, said Naohisa Saeki, AEON Vietnam’s Deputy General Manager.

Vietnamese businesses need to get involved in the Republic of Korea (RoK)’s goods value chains via distribution channels and pay more attention to positioning products and label designing to build brands in the market.

Vietnam has been considered as a “fertile land” for foreign food firms as many trademarks from the Republic of Korea (RoK), Japan and Thailand are seeking ways to penetrate the 93 million-strong market.